12 Wonderful Ways To Make Money From Old Car

Ways To Make Money From Old Car. Woman showing money after earning through old car.

(12) Donate Your Old Car To A Charitable Institution

It is one of the most typical ways to make money from old car. Donations to a charitable organization can easily bring you the benefits of a tax deduction.

You can donate not only money & personal property to such organization for a cause but also your own old car.

According to a post published in Charity Watch, you should not forget to ask if the charity accepts car donations directly without involving a third party.

However, you should also make sure that the charity is eligible to receive tax deduction contributions. If your car’s worth is more than $500 then you must complete Section A, Part 1 of IRS Form 8283 and attach it to the tax return.

On the other hand, if your car’s worth is more than $5000 then you must complete Section B, Part 1 of IRS Form 8283 and attach it to the tax return.

Thus, you can get the satisfaction of donating your old car to charitable institution for a cause in return for tax deduction.

[Read Also: 10 Critical Things To Look When Buying Hatchback Car Model]

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1 Comment on 12 Wonderful Ways To Make Money From Old Car

  1. Selling your junk car sounds like a wonderful idea. My parents have this old vehicle that’s been there for years. If I lived near them, I’d try to take that advice to remove the pieces one by one and take photos of them before posting it online. However, they’ll probably end up just selling the entire vehicle.

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